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WTI Oil - negative sentiment established after 200 pips gap lower opening

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    WTI Crude Oil (May) Crude oil fell to 37.61 session low, on strong (about 200-pips) gap-lower Monday’s opening, after meeting of oil producers on production freeze failed. The outcome of the meeting was more or less expected, following a number of comments during previous weeks, with notion being supported by strong bearish technical signals. Oil closed in long red candle and below 200SMA (40.65) on Friday, signaling an end of two day consolidation, which was held above 200SMA and shaped in

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